Chinese media warn India over Belt and Road project

20 May, 2017, 09:41 | Author: Valerie Burke
  • China's OBOR faces major challenge from ISIS

Xi said the Belt and Road initiative is meant to be an "open and inclusive platform for development".

Participants in the Leaders Roundtable of the Belt and Road Forum for International Cooperation adopted a joint communique.

In addition to that, he also announced special lending schemes worth $56 billion to support cooperation on infrastructure, industrial capacity and financing.

At the same time, Hua said that China "welcomes the participation of India to the Belt and Road initiative, the answer is clear" when asked about India being the only major country absent at Sunday's first Belt and Road Forum (BRF) in Beijing. One of the criticisms of the Silk Road plan is that host countries may struggle to pay back loans for huge infrastructure projects being carried out and funded by Chinese companies and banks.

China's "new Silk Road" initiative aims to link the economies of Asia, Europe, the Middle East, and Africa-but Beijing would really like the USA to get on board.

China " s first worldwide Belt and Road Initiative Forum has concluded here with a consensus on the issue. "We know more than 130 countries attended the forum". However, China maintains the project is only for reaping economic benefits.

China today dismissed India's concerns over the Belt and Road initiative, saying the mega venture has broad global support and the China- Pakistan Economic Corridor (CPEC) project which is a part of it will not affect Beijing's stand on Kashmir. The initiative aims to bolster China's global leadership ambitions by building infrastructure and trade links between Asia, Africa, Europe and beyond.

On the eve of the OBOR forum, Indian issued a statement saying it can not "accept a project that ignores its core concerns on sovereignty and territorial integrity". Since jettisoning the Trans-Pacific Partnership - the Obama administration's trade treaty meant to insinuate the U.S. at the center of Asian trade - the Trump administration has offered no answer to One Belt, One Road.

Other governments welcome Chinese investment in a region the Asian Development Bank says needs to spend $7 trillion this decade on ports, railways and other facilities to keep economies growing.

Britain, France and Germany were represented by finance or trade officials.

She said: "China is already the world's most important trade economy".

The Prime Minister said core of the "One Belt-One Road" initiative is connectivity and long-term development, especially in developing countries.

China is India's largest trading partner, and some of the biggest Chinese firms including Alibaba, Xiaomi and Oppo have a huge presence in the country - either as investors or through their own operations.

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